This is an old song Beck used to sing on his banjo.
He mentioned it in one of his earliest interviews, in Fiz
magazine (April/May 1994). Beck was talking about some great punk rock music being made up in Washington by vegans, and the interviewer comments that it sounds like a "real revolution." Beck plays on that and replies, "They're revolving. Someday the roaches will fly, and we will all be soaring. It's sort of the whole concept of 'Fly Like the Eagle.' It's tied in with 'freedom rock.'"
This spurs an association in him, and he tangentially comments, "I had a banjo song called 'Fly Like the Eagle.'" The reporter thinks Beck is referring to the Steve Miller freedom rock classic, "Fly Like an Eagle," and the reporter notices and asks "No copyright problems?" Beck clarifies that he calls the song "Fly Like Da Eagle." He describes it as "kind of get the New Jersey, heartland thing goin' on." And on a banjo, to boot!
Fortunately for us, "Fly Like Da Eagle" probably did end up getting released...as "In A Cold Ass Fashion
"! The beginning of the song is clearly an older recording of Beck singing "Fly like the eagle" in a falsetto, before the funky rap begins. The banjo solo after the first verse may just be the last remaining remnants of "Fly Like Da Eagle."